North Chennai v/s South Chennai

CHENNAI: In the past year, Suresh of S Promoters has sold about 80 per cent of his properties in North Chennai. However, his South Chennai properties still remain unsold. “Today, there is an oversupply in the South Chennai market. But in the northern part of the city, the ratio of availability and demand is at par. Also, in North Chennai, people can buy flats at two-third of the rates of South Chennai,” he says.

Epithets such as underdeveloped and unsophisticated that once defined the northern part of the city, no more holds true. Owing to the spate of civic and infrastructure projects such as upcoming metro connectivity, Outer Ring Road (ORR) project and upgrading of the Chennai-Ennore Port connectivity project, North Chennai is expected to get a facelift.

Azeem Ahmed of Property Care concurs, “Earlier, people were apprehensive about buying a house here. But with the metro line soon to pass this area, buyers have started considering this part of the city as a potential option for investment.”

Another reason for this is that South Chennai, housing major IT hubs, has also become unaffordable. “As the prices are going up due to demand from the IT sector, people are focusing on North Chennai because of affordability,” says Sohail Saroshi of Chennai Real Estate Agents Association.

Even developers are eying North Chennai. As per data on MagicBricks.com, about twelve projects are under construction in the area. Some of the developers coming up with their projects are Pavani Group, SP Homes Private Limited, Sree Strinivas Construction, Hallmark Infrastructure Pvt Ltd, among many others. These projects are in the price band of Rs 40-50 lakh.

“North Chennai witnessed significant real estate activity last year because of its connectivity to the South through the ORR. Some pockets around Ennore Port such as Red Hills and Madavaram witnessed decent residential demand,” informs Ranjeeth Rathod, director, DRA Projects Pvt Ltd. Other localities such as Perambur, Avadi, Kolathur, Tondiarpet, among others, are witnessing an upward trend in property values. In most of these areas, there is an abundance of budget homes.

Latest Realty News

CHENNAI: If you are looking to buy property in the budget range of Rs 60-70 lakh, Perungudi can be the end of your search as the locality offers a number of housing options. With factors like well-built social infrastructure, proximity to IT companies and seamless connectivity, Perungudi comes across as an ideal destination for an end-user. Here’s why:

CHENNAI: As Chennai eagerly awaits the advent of the city’s Metro rail services, the real estate industry too, watches with bated breath. As the rapid transit services roll out in phase after phase in city after city, both transport corridors and real estate have had a love-hate relationship with each other.

CHENNAI: The upper-middle class families’ desire to own holiday homes where they can unwind on weekends is driving realty prices up in many hill stations and coastal locales within driving distance from metros. With 8% to 12% appreciation per annum, many holiday home locations in the country are comparable or better off than some of their urban counterparts that are constrained by space limitations, says realty consultant Jones Lang LaSalle (JLL).

CHENNAI: Chennai residential micro-markets have been stable with moderate price appreciation of 8–10 per cent in the last one year, according to a recent research report titled ‘Solid Grounds for Smart Property Decisions’ brought out by Indiaproperty.com.

CHENNAI: The first residential realty market to rebound in early 2010 from the 2008 slump experienced a 200% plus appreciation over the past three years. But Chennai isn’t insulated from the present downturn. Builders, who a year ago sold 30 to 40 suburban units a month are struggling to touch double digits.

CHENNAI: Dewakar G is looking to shift his home loan to another bank or housing finance company (HFC). Currently, he pays an equated monthly instalment (EMI) of Rs 26,048 on a home loan of Rs 22 lakh - which works out to Rs 1,184 per lakh.

CHENNAI: The highways department has finalised the alignment of the new link road between East Coast Road (ECR) and Old Mahabalipuram Road (OMR). The final decision was made by a steering committee with top officials from the highways, Chennai Metropolitan Development Authority (CMDA), Chennai Corporation and police.

CHENNAI: All low tension power consumers wanting to extend their houses by more than 2,000 sqft will now have to get new power connections for construction activity. Tamil Nadu Electricity Regulatory Commission (TNERC) on September 3 ordered that house owners should not use their existing connections for construction purposes.